Purple
Banking for people with disabilities designed not to endanger ABLE benefit eligibility.
Banking for people with disabilities; ABLE-friendly.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner bank (OMB Bank, Member FDIC); Mastercard debit issued by OMB Bank.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Purple’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · disabilities |
| HQ | New York, US |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner bank (OMB Bank, Member FDIC); Mastercard debit issued by OMB Bank |
| Card | MC · Debit |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | John Ciocca |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @joinpurple ↗
Common questions about Purple
What is Purple?
Purple is a fiat neobank built for disabilities, headquartered in New York, US and founded in 2018. Your money is held custodially, so Purple or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner bank (OMB Bank, Member FDIC); Mastercard debit issued by OMB Bank).
Does Purple have a card, and where can you use it?
It issues a Mastercard debit card. It is available in North America.
Does Purple require KYC?
Yes. Purple requires identity verification (KYC) to open an account, as a partner-bank model.
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Purple appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in North America (126) · Neobanks that issue a Mastercard (150) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.